Nano is leading the crypto recovery today. After a week of bloodshed, there is finally some green out there yonder on the ol’ crypto fields. Right now, only ten cryptos are down out of the top 100 cryptocurrencies. Nano has been a consistent leader today, outgrowing all the other cryptos on the market. At the time of writing, Nano has a selling price of $12.59. This puts the altcoin up 35.41% in the past 24 hours – more than any other coin on the market as of right now.
Like many of the other cryptos on the market, Nano struggled in the first half of this week. However, the altcoin started to recover faster than many of the rest of the cryptos out there. Nano began to recovery by around Tuesday and continued its growth through to Wednesday. Nano’s fast growth in the latter half of this week is a relief to many after the token plummeted thanks to the hack on the Italian exchange BitGrail. In fact, Nano was managing to grow while many of the other cryptos continued to suffer.
Bank of America, one of the world’s largest financial institutions, admitted in an annual report that cryptocurrencies are a threat to its business model. The report, which was dated Feb. 22 and filed with the US Securities and Exchange Commission (SEC), listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. For the first time, rising cryptocurrency adoption made the list. The bank, which recently barred its customers from using credit cards to purchase cryptocurrencies, said that this and other similar policies could cost the firm clients. In an astounding admission, the bank — second-largest in the US in terms of total assets — said that widespread adoption of cryptocurrencies and other fintech innovations could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.
The head of Malaysia’s central bank has firmly stated that the fate of cryptocurrencies in the country depends on the public adopting them, adding it would neither ban nor recognize cryptocurrency. Speaking at the 40th-anniversary dinner of the Harvard Business School Alumni Club of Malaysia this month, Bank Negara governor Muhammad Ibrahim had some noteworthy things to say about the future of cryptocurrencies like bitcoin in Malaysian society, according to a report by local portal The Nation. The central banker, refreshingly, revealed a decidedly free-market stance on cryptocurrencies wherein a hands-off approach would essentially see the public make their own decisions with investments or participation in cryptocurrency markets. “Basically, we will let the cryptocurrency promoters including bitcoin, Ethereum and ripple to be more transparent, the methods to be more transparent and people behind the scene are to be more transparent too,” the central bank chief stated, hinting at introducing some fundamental guidelines for the cryptocurrency sector to operate in Malaysia.
The US securities watchdog has put the kibosh on trading in three listed companies with ties to cryptocurrencies and blockchain. On Feb. 16, the US Securities and Exchange Commission (SEC) announced it had suspended trading in these entities — all three of which have the same CEO at the helm, Patrick Johnson — based on announcements revealing the way they did business and valued cryptocurrency and blockchain assets. Cherubim Interests (CHIT), telecom company PDX Partners (PDXP) and holding company Victura Construction Group (VICT) each had announced the acquisition of AAA-rated assets with convertible preferred stock from NVC Fund, a division of a cryptocurrency and blockchain-driven private equity investor. Meanwhile, CHIT, a construction and real estate development company, also revealed its plans for an upcoming ICO in which it planned to issue the SJT coin “for financial and societal gain,” all of which made its way onto the radar of the SEC. The companies are considered penny stocks and trade in the OTC market. The SEC used the opportunity to repeat its warning to investors about listed companies jumping on the coattails of cryptocurrencies and blockchain to drive their shares higher.
Blockchain technology is growing really fast with a lot of innovation happening within the industry. There is a massive influx of products and projects that promise various solutions to regular day to day activities. As with every new technology, numerous ideas with diverse intentions are bound to flood the ecosystem, but the line between sustenance and extinction lies at the point of real use case application. As the industry grows, it is expected to mature into the era of implementation. In order for this to happen, there must be means by which the communication gap between non-crypto users and the ecosystem will be bridged. For instance, the whole concept of Bitcoin transaction is still a mystery to a lot of people who do not understand how a long series of codes can represent key components of value transfer. Same goes to non-tech people who do not understand how data can be stored on a system that is maintained by nodes that are connected across the globe.